QROPS

QROPS (Qualifying Recognised Overseas Pension Scheme) has proven to be an advantageous way for UK pension holders to transfer their UK private pension rights overseas since the new regulations were introduced April 2006. With a number of overseas jurisdictions to choose from, clients are presented with endless options when it comes to finding a safe, secure and lucrative place in which to store their nest egg.

With over 2500 schemes registered on the HMRC QROPS recognised list, deciding which scheme or jurisdiction is best can be a minefield and requires the specialist advice of a suitably qualified and experienced international financial adviser. We have a team of dedicated advisers with vast experience in this area.

Get our free International Pensions brochure here.

QROPS Jurisdiction Comparison Table

Malta EU

Gibraltar EU (by association)

Guernsey

New Zealand Non EU

IOM Non EU

Lump Sum
within 5 years*

25%

25%

Currently Removed

25%

25%

after 5 years*

30%

30%

Currently Removed

30%

30%

Commercial Loan – to unconnected 3rd party
Within 5 years

No

No

Currently Removed

No

No

After 5 years

No

Possible

Currently Removed

Possible

No

Transfers in Specie

All Assets

All Assets

Currently Removed

No

All Assets

Commercial Property

Yes
(no borrowing)

Yes

Currently Removed

Yes

Yes

Connected Party Investments

No

Yes

Currently Removed

No

Yes

Pension Income
Within 5 years

UK Limits (120% GAD)

UK Limits

Currently Removed

UK Limits

UK Limits

After 5 years

UK Limits

Income for life

Currently Removed

Unrestricted

UK Limits plus approx 10-20%

Tax on Pension Income
 

up to 35% (unless DTA)

2.50%

Currently Removed

Nil

20%

Tax on Death
 

Nil

Nil

Currently Removed

Nil

7.50%

Retirement Age Range

50-70

55-75

Currently Removed

Usually 50

55-75

*The 5 years relates to number of full tax years the member has been non UK resident

 

We’re here to help you to decide which jurisdiction is the right one for you by estimating the growth rate of your funds as well as taking on board your personal requirements and future goals. Our team keep abreast of all the latest changes to UK legislation from Her Majesty’s Revenue and Customs (HMRC) and can therefore offer you impartial, expert advice on all QROPS-related matters.

Occupational Pension Schemes

We offer Transfer Value Analysis (TVAS) reports specifically designed for transfers from UK final salary, defined benefit occupational pension schemes to QROPS schemes. This will enable you to decide if transferring is right for you and the amount of investment growth required to match the retirement income offered through your employer’s pension scheme.

We also offer an independent service in trustee selection so that the advisers can better align the client’s requirements to the trustee and jurisdiction.

For more information on QROPS, jurisdictions and their advantages, contact us today and a member of our team will be happy to discuss our services as well as all the options available to you.